Review of the Bybit Cryptocurrency Exchange
ByBit is a new digital asset exchange. You can try it for free and there is an active blog to help you get started. The platform is simple to use and soon will have a dark mode that improves your eye-sight. It doesn’t require KYC, which is a great bonus.
What is Bybit?
It is easy to buy cryptocurrency using the Bybit app. The app offers access to crypto spot trading pairs, fiat-crypto trading pairs, and crypto derivatives perpetual and futures contracts. Referring a client to the platform can earn affiliates BTC 5,600. They simply need to fill out a simple application to receive a unique referral code.
For security, Bybit uses biometric and two-factor authentication. It also has a 100% cold storage policy. It is a registered Money Services Business (MSB) with the FINTRAC. It currently serves more than 2 million users around the world and has a daily turnover of 16,162,547.804 USD.
Is it real?
Bybit has a multi-signature process for secure cryptocurrency transfers. Two sets of keys are used to sign transactions. This avoids the risk of a single individual controlling the funds. Furthermore, Bybit’s website uses full SSL encryption to protect users from phishing attacks and online snooping.
To deposit and withdraw funds, users must create a wallet address. Users can withdraw no more than two Bitcoin per day. This is a relatively low amount considering that it supports cryptocurrencies. There are different minimum withdrawal requirements. SOL and Bybit require 0.01 BTC as the minimum deposit.
The Bybit platform has a variety of tools for traders, including a position calculator. It also has a mobile application available on Android and iOS. The mobile app has the same features as the desktop version, but is more convenient for people on the go.
KYC
Bybit is a crypto-to-crypto exchange. You will need to register using your email address or mobile phone in order to use the service. Then, you need to verify the code sent to your mobile. It is important to note that registrations cannot be made if you are a resident of a country subject to the FATCA laws. If you live in a country on the U.S. Treasury Department list of prohibited or regulated entities, you can register as a Taker and Maker. However, you will not be able sell or buy Bitcoins through this system.
Although Bybit is based out of Asia, it’s a good idea not to be located in any country that the exchange doesn’t operate. The United States has strict regulations regarding the use of cryptocurrency derivatives and exchanges. It is important to ensure that you use a VPN to alter your location and avoid KYC.
Alternatives
While Bybit has a great user base, there are many other exchanges that can give it a run for its money. Bitmex, which has a daily volume of just a few billion dollars and an annual trade volume exceeding $1 trillion, is one of the most popular cryptocurrency derivatives platforms. The exchange is able to handle large orders due to its liquidity. Bybit, however, does not support futures trading.
Another Bybit alternative that offers a similar trading experience is StormGain. This exchange launched in 2019 and already packs a lot of advanced features and functionalities for professional traders. It supports six major cryptocurrency, including bitcoin. It also allows for purchasing Bitcoin using credit, offers leveraged trades, and has an intuitive order book.
Fees
Bybit uses a market maker/taker model to determine trading fees. It charges a 0.075% taker fee for market orders and -0.025% for limit orders. These fees vary depending on the amount of liquidity provided to the market. Bybit also charges a position funding fee of 0.075%. Bybit uses this model to create liquidity, and the fees are transparent for users.
Fees vary depending on the size of your position, leverage, and initial margin. Higher leverage will result in higher fees. You can find details on the different types of fees by checking the Bybit fee calculator.